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VEBA MEP explained: tax-free health savings for retiring public employees
Summary
A VEBA MEP is a Multiple Employer Health Reimbursement Arrangement that allows eligible retiring state agency and higher education employees to convert unused sick leave into tax-free funds for health-care costs; a VEBA representative outlined eligibility, uses, and enrollment routes.
Janice, an account manager at the Washington State Health Care Authority, opened a presentation and introduced Brian, a VEBA plan representative and MEP administrator, who described the VEBA MEP program for retiring public employees.
Brian said, "A VEBA MEP is basically a tax free savings account for health care expenses like premiums or co pays." He explained the VEBA MEP is administered as a Health Reimbursement Arrangement (HRA) and structured as a Multiple Employer Plan for retirees from state agencies and higher education institutions.
The program is group-based rather than individual: employers may adopt participation by permitting employees near retirement to vote to deposit unused sick leave into a VEBA MEP, or labor unions may bargain inclusion. Brian advised employees to contact their employer's benefits or payroll office to confirm whether their employer offers a VEBA MEP.
